If you are in sales, you know how complicated conversations can get. Sometimes it looks like salespeople developed their own language to communicate with each other.
Conversations can go something like:
"Hey, our SDR just moved to AE after constantly overachieving her OTE's. She was also constantly bringing MOFU ideas that can help us increase our ROI."
There are enough words to complete ABC a few times, so we decided to create our version the AB with the hopes that will help you understand better the sales lingo.
This month we launch The Growth ABC.
A - Amplemarket
The next generation of AI-powered growth sales software.
B - BOFU
BOFU stands for “Bottom of the Funnel”. This is a stage in the sales process that leads sales reps to close new customers. At this point, prospects have already looked around for possible solutions, confirmed that they have a buying intent, and are very close to making the purchase.
C - CI (competitive intelligence)
Is an invaluable understanding of your competitor’s digital footprint when it comes to generating new leads. Amplemarket's competitive intelligence product studies the online behavior giving a clear picture of how best to get ahead in your industry.
D - De-dupe
De-dupe is the process of optimizing data storage by eliminating duplicate copies. For example, if multiple files with the same name exist in different databases, this would be considered de-duping.
E - Enrichment
The action of compiling data that gives sales teams a competitive edge. With this information, reps can better understand how qualified prospects are and what to say when talking with them.
F - FAB
FAB stands for "Features, Advantages, and Benefits" and represents the structure in which a product or service's value is communicated. For example, sales reps can use this format when presenting features, so people know what they're getting into before using them.
G - Gatekeeper
Gatekeepers are often the responsible figure for filtering out unimportant distractions to the decision-makers. Gatekeepers are often personal assistants or other employees who help direct information flow.
H - Hybrid Work makes Sales Rock.
Hybrid work allows employees to choose how they want their day structured. Whether it's in an office, on-the-go or even remote working can be beneficial for some people who need more flexibility with their schedule.
I - Intellectual sale
The intellectual sale attempts to appeal not only to your prospect's emotions but also to their logic. This type of approach can be more "business" than personal because you're trying to outwin them with facts and data rather than emotional appeals or promises.
J - Jackpot
Jackpot is a word that describes something special, like winning an unexpected success. It can also mean the luckiest person alive regarding how much money you make quickly and without too much effort!
K - Kickers
Is an incremental incentive that works as way for salespeople to get higher pay. When an employee reaches a certain milestone, they are rewarded with greater amounts of money and more opportunities within the company as well.
L - Lead, Linkedin, Low-Hanging Fruit, Legal
Lead is the person or company showing interest in a product or service. Possibly they filled out a form, subscribed to your blog, or shared their contact information with the intention to learn more about your product or services.
Linkedin, according to Linkedin itself, is the world's largest professional network on the internet. This platform is usually used to find jobs, connect and create professional relationships, find customers and learn new professional skills.
Low-hanging fruit is the most easily achieved of tasks or the leads that are warm in the pipeline but haven’t converted eyet.
Legal refers to the matters relating to law.
M - MOAT & MOFU
A MOAT in the startup industry refers to the ability of the businesses to maintain a competitive advantage over their competitors. For that, companies consider their revenue sources, the industry they are in, their competitors, and the product or service they are providing.
MOFU stands for "Middle of the Funnel." These are the activities that are thought to generate inbound traffic. The most common are blog posts, newsletters, or social media campaigns.
N - NSAs
The time spent on non-sales-related activities is essential to being a successful salesperson. That is exactly what NSAs stands for. These can include administrative tasks, paperwork or making personal calls.
O - OTE (on-target-earnings)
OTE stands for On-Target Earnings. Your OTE is the amount of money you can expect to earn if you hit 100% of your quota, and this number is usually given in an annual figure.
P - Puppy dog close, Proposal
Puppy dog close is the sales strategy that invites prospects to try out a product or service with no strings attached with the objective of making the prospect fall in love with your product, just as they would fall in love with a puppy. After that, you hope the prospects won't want to let your product go and would want to purchase it right away.
A proposal, also known as quotations, project proposals, or executive summaries, are documents that pitch your company's services or products to potential clients and customers according to their needs.
Q - Quota
The concept of quotas is a way for companies to motivate their employees. A sales quota can be any type of goal, such as reaching 50% more orders than last year by December 31st or earning $1 million dollars worth in product returns within three years - it all depends on what your company needs.
R - Return on Investment ROI
The return is the profit you make as a result of your investments. ROI is generally defined as the ratio of net profit over the total cost of the investment. ROI is most useful to your business goals when it refers to something concrete and measurable to identify your investment's gains and financial returns.
S - Smile and Dial & Smarketing
Dialing and smiling is a slang term for cold-calling. It was created to boost the confidence of those sales reps reaching out unsolicited to find new customers.
"Smarketing" is a portmanteau (the blending sound of two words) of the words "sales" and "marketing." The sales and marketing teams have been aligned to create an integrated approach.
T - Target & Triggers / TOFU
Sales targets are a way to measure the sales performance of a sales rep by determining the number of sales or tasks to be completed in a given period.
Sales triggers are events that create a sale opportunity for a potential customer.
TOFU stands for "Top of the funnel." These are the activities that take place to generate awareness of the product or service the company is selling.
U - Up and to the Right
A common term within the startup industry that illustrates the rapid growth curve of a company’s business metric.
V - Value Triangle
The Value Triangle is a part of the customer's decision criteria that the seller satisfies while the competition doesn't. In other words, it's a simple visual model that illustrates the interdependency of various business assets that play a critical role in the prospect's decision-making.
W - White Whale
This is the name given to prospects that can generate outstanding revenue for the company. As White Whales, these prospects are rare and precious, and sales teams spare no effort when they land on one.
X - 10X
It's a popular strategy that implies aiming for 10 times(X) better progress over the prevalent 10% growth strategy.
Y - Year-over-year
The year-over-year (YOY) method is the way to compare the results of a given event or metric on an annualized basis. For example, YOY comparisons are a common way to evaluate a company's financial performance.
Z - Zeroed Out
This happens when sales reps "pay back" their draw, a loan the company can provide before the sales rep's commission arrives, with the commissions earned.
By understanding this jargon, you'll be able to hold more effective conversations with your sales team and increase your chances of closing a deal. But most importantly, if you are not in a sales team yet, this ABC will help you navigate your way to get the sales job you are looking for.
Subscribe to our blog and follow us on social media to learn more sales vocabulary and stay tuned to watch the next Amplemarket's ABC edition coming out next month.